Debt Buy-Down Act

Summary

Debt Buy-Down Act This bill amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. The bill also establishes in the Treasury a Public Debt Reduction Trust Fund to hold tax revenues generated by this bill for the reduction of the public debt. The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to: (1) require spending to be reduced annually by an amount equivalent to the revenue generated by this bill, and (2) enforce the requirement for spending reductions using a sequestration, with exemptions for Social Security retirement benefits, veterans benefits, and net interest payments on the debt. (Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.)

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 July 2017

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 July 2017

  Open at official source

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